Online casinos have come a long way since their first versions in the late 1990s. As more software providers and players enter the picture, gambling authorities have imposed more regulations on operators. One of these new rules is KYC verification, which tasks online casinos with identifying players and protecting their information.
Should You Gamble at Online Casinos Without KYC Verification?
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While most gambling sites are adding KYC verification, this addition is not present everywhere. There are many online casinos that skirt this requirement, giving players the option of getting around this requirement. However, is gambling on sites that do not require KYC verification a good idea? Keep reading to find the answer.
What Is KYC?
KYC is shorthand for Know Your Customer, and it is a regulation that dates back to the 1970s in the United States. It was designed to crack down on financial crimes such as fraud, identity theft, and money laundering. The requirement was expanded to online casinos once they started gaining traction, as they also handle money.
Regulatory bodies also piggybacked on KYC verification to implement responsible gambling policies. All our best live casinos are licensed, and part of gaining it requires operators to give players a way to limit their gambling or to stop playing altogether. By knowing your identity, regulators can ensure restrictions like self-exclusion apply to all casinos it licenses.
How Does KYC Verification Work?
Know Your Customer verification is a three-part process. Most players will only interact with the first step, the Customer Identification Program. Casino members will be asked to verify their identity by uploading proof of identity and proof of address. The former can be pictures of national ID cards, passports, or driving licenses. Meanwhile, recent bank statements or utility bills are accepted forms for proof of address.
The next step is Customer Due Diligence, which happens almost entirely on the casino’s end. It assesses every player’s risk level and may impose extra checks for members who are considered riskier. When determining someone’s risk category, casinos check their occupation, location, gaming patterns, types of transactions, and more.
Finally, Ongoing Monitoring continues even after players complete KYC verification. Through this monitoring, the website tracks your deposits, withdrawals, and gaming patterns. If they detect something is amiss, they may ask you to verify your account again or to submit more information or documents.
KYC Advantages and Drawbacks
The most obvious advantage of KYC verification is its ability to protect your identity. Even if someone knows your name and address, they cannot withdraw any money using your information.
Depending on the country, KYC verification also lets you access responsible gambling tools. We see this in the UK, where its regulator operates the Gamstop service. Once you sign up for Gamstop, you will be automatically self-excluded from all licensed UK casinos.
However, there are some valid player concerns with KYC verification. Some people do not want to share their personal information because they’re worried it will be misused. News of data breaches has also made many people sceptical about uploading their ID documents. Fortunately, reputable online casinos combat this by keeping your documents encrypted, making them unusable even in case of a breach.
Another drawback to KYC is that it delays withdrawals. Players have to wait for the operator to process their documents before being able to cash out. Depending on the casino, it may take a few hours to several days. If there’s some issue with your documents, it can further delay your withdrawal.
Are Online Casinos Without KYC Verification Safe?
Despite the hassles, we think KYC verification is worth your time. After all, every licensed live casino requires its members to complete identity validation. Gambling sites without KYC verification usually don’t have regulatory oversight, which means you have no protection if the casino goes rogue.
Because of that, we recommend choosing one of livecasino24.com’s top-rated online casinos. They’re licensed and have a smooth KYC process, ensuring a smooth gambling experience.
